This report by the RSA makes a compelling case for developing a new social contract to tackle the rising economic insecurity experienced by workers in the UK, including those in non-standard employment arrangements.
Employment in the UK recently reached a record high of 32.75 million. Despite this fact, there is growing evidence that British workers are economically insecure. From rising relative poverty, stagnant wages and rampant regional inequality, the signals of insecurity are clear. But what statistical debates sometimes miss is the lived experience that comes from existing at the sharp end of these trends - and how those personal experiences can shape an individual’s ability to cope. For example, it is not just income levels that affect a person’s capacity to thrive in the economy but also the degree of certainty and control they enjoy over their hours, the stability of that income and their ability to keep up with the rising cost of living.
The RSA is keen on Government constructed policy and practice reforms to develop a new social contract that can tackle the rising economic insecurity.
The RSA defines economic security as “the degree of confidence that a person can have in maintaining a decent quality of life, now and in the future, given their economic and financial circumstances”.